Kontrol Technologies Corp (OTCQB:KNRLF, NEO:KNR) has announced that it is bringing its SmartSuite technology to a new market.
The Toronto-based Internet of Things (IoT) company is entering the post-secondary student housing market, it said in a statement.
The SmartSuite thermostat and cloud technology is designed to deliver energy savings, corresponding GHG emission reductions and a unified platform to manage all suites and buildings from the cloud.
READ: Kontrol Technologies launches Kontrol Carbon brand and adds US REIT as customer
Kontrol told investors that the first SmartSuite installation is for a student housing REIT, which operates across Canada and manages and develops purpose-built rental housing for the university and college student housing market.
"We continue to seek to expand into new market verticals such as the growing student housing market," said Paul Ghezzi, CEO of Kontrol Technologies, in a statement.
"Our SmartSuite technology is designed to provide building automation and in-suite control over heating, cooling and ventilation through a unified, cloud-based solution. By consolidating the management of each suite and building to one platform, our products are designed to enable our customers across various sectors to drive energy savings and reduce emissions to improve the performance of their buildings."
The National Multi-Family Housing Association Council estimates that there are 8.6 million student beds in the US, a figure that is expected to reach 9.2 million by 2031.
Kontrol provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings.
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